Mukesh Ambani, chairman of Reliance Industries Ltd (RIL), may soon take a major step to strengthen his position in the e-commerce space. Ambani can buy Urban Ladder, a company selling online furniture, and milk delivery platform MilkBasket.
Reliance and Urban Ladder have been in talks for the last several months. According to the news of the Times of India, now this conversation has reached the advanced stage. In this context, sources said that the deal could be closer to $ 3 million.
It may be noted that recently $ 5 million was invested in MilkBasket, which increased the value of the company, and now the company will also get a bargain for the valuation. Presently, Milkbasket provides facilities in 1.30 lakh homes. It delivers nine thousand products related to vegetables, dairy, bakeries, and other FMCGs. Presently, the company is serving in Gurugram, Noida, Dwarka, Ghaziabad, Hyderabad, and Bangalore.
Not only this, the average value orders of milk basket have increased from 2.2 to 2.5 times due to increasing business during the lockdown. During this time, the company has got 500 to 1000 new customers daily. Also, the Reliance Group is also in talks to buy e-pharmacy startup Netmeds and linguist retainer Jivami. Apart from this, talks are on for stake in Future Retail.
Reliance Industries may also buy Tiktok's Indian business. Reliance Industries is considering buying a stake in Indian Indian business with BiteDance, the parent company of Tik Tok. It is reported that the talks are currently at the initial stage. Tik Tok CEO Kevin Mayer is reported to have met top Reliance executives. Ticketcock's Indian business has been discussed in this meeting, although Reliance Industries has not yet released any official statement on this.
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